According to the Wisdom Financial APP, non-ferrous stocks rose today. As of press time, Ganfeng Lithium (01772) rose 8.12% to HKD 17.04; Jiangxi Copper Co., Ltd. (00358) rose 4.88% to HKD 16.34; Zhaojin Mining (01818) rose 4.23% to HKD 15.28; CMOC Group Limited (03993) rose 3.46% to HKD 7.77; China Hongqiao (01378) rose 1.4% to HKD 11.6.

On the news front, Federal Reserve Chairman Powell once again "dove". Powell testified to Congress, mentioning that the Fed did not need to wait until inflation fell below 2% to cut interest rates. This was his clearest statement about rate cuts, and the market raised its bets on a rate cut in September. In addition, institutions predicted that the overall CPI annual rate for June in the United States will fall from its previous value of 3.3% to 3.1%, with a slight increase in the monthly rate to 0.1%; the annual rate and monthly rate of core CPI will both remain at 3.4% and 0.2%, respectively.

Zhongtai Securities pointed out that the overall decline in economic data in the United States has once again boosted expectations for interest rate cuts, supporting the rise in precious metal prices. In terms of bulk metals, the off-season effect continued during the week, downstream new orders remained weak, and social inventory digestion was somewhat volatile. However, under the long-term tight balance pattern, the recovery of financial attributes has promoted the overall sector price rebound. In the medium term, the global manufacturing recovery cycle will continue. With supply constraints, basic metals will eventually usher in a new round of prosperity cycle, especially for copper and aluminum. The bank is firmly bullish on the investment performance of bulk sectors in 2024.